Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the recombinant collagen sector, showing strong performance with a revenue of 5.54 billion yuan in 2024, representing a year-on-year growth of 57.1% [8] - The adjusted net profit for 2024 is projected at 2.06 billion yuan, with a year-on-year increase of 42.1% [8] - The company has a strong online and offline sales growth, with direct-to-consumer (DTC) online sales increasing by 66.5% and offline direct sales doubling [8] - The company maintains a high gross margin of 82.1% despite a slight decline due to product type expansion [8] - Future profit forecasts have been adjusted upwards, with net profit estimates for 2025 and 2026 increased to 2.57 billion yuan and 3.21 billion yuan, respectively [8] Financial Summary - Total revenue is projected to grow from 3.53 billion yuan in 2023 to 11.62 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 28.23% [1] - The net profit is expected to rise from 1.45 billion yuan in 2023 to 4.05 billion yuan in 2027, reflecting a CAGR of about 25.88% [1] - The earnings per share (EPS) is forecasted to increase from 1.40 yuan in 2023 to 3.91 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 44.64 in 2023 to 16.01 by 2027, indicating improving valuation [1]
巨子生物（02367）：2024年业绩点评：重组胶原蛋白龙头高歌猛进，业绩高增持续兑现